Smart transport can also be termed as intelligent transport system which is nothing but an advanced version of the transportation infrastructure which aims in providing modern services for the transport and traffic management. This system enables the various consumers to be well informed, more coordinated, and helps in making safe and smart use of the transport networks. The various applications where the smart transport technology is useful include passenger information, parking management, and the traffic management.

GlobalSmart Transportation Market: Segmentation

The global smart transportation market is segmented into services and solution. The solution segment is a vast segment and has many sub-segments in it. On the basis of the solution, the global market is segregated into ticketing management solution, parking management and guidance system, passenger information system, integrated supervisory system, and traffic management system. The ticketing management solution is further sub-segmented into open payment, smart card, and NFC. The smart card segment is further sub-segmented into chip less RFID, chip-based RFID, and others. The parking management and guidance system are further sub-segmented into security, level wise vehicle counting, access control, guidance display system, and ticketing and revenue management. The Passenger information system is sub-divided into in station & onboard system, collaborative PIS: V2V system, GIS and GPS enabled System, and multimodal information system. The integrated supervisory system is sub-classified into SCADA and SILO system. The traffic management system is sub-divided into traditional signaling & video surveillance system, smart signaling system, route guidance system, intelligent video management system, and others. Based on the services, the smart transportation market is categorized into professional services, business services, and cloud services.

Global Smart Transportation Market: Growth Factors

Fuel and money are utilized in an efficient way owing to the smart transportation technology, thus contributing to the market growth. The supportive initiatives that are taken by the government to manage the traffic on the road efficiently play the major role in promoting the smart transportation market globally. The other factor that contributes to the market growth includes the integration of the intelligent communication systems in the infrastructure provides safety and security to the passengers, which in turn is boosting the growth of the market. Need for high capital investment, large database requirement of road network, and large database requirement of road network may not be possible in developing regions, thus restraining the market growth.

Global Smart Transportation Market: Regional Analysis

The North American region is leading the smart transportation market owing to the factor that the government is making huge investments in the market growth. The Asia Pacific smart transportation market is also growing at a fast pace owing to the government initiatives. The Government of India has taken the initiative of constructing 100 smart cities which are creating new opportunities in the market. The European smart transportation market is also flourishing owing to its early adoption of the technology and the increasing rate of traffic.

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